Submitted by by Erico Matias Tavares via Sinclair & Co.,
On 23 June the British will vote in a referendum to decide whether their country should remain in or leave (BREXIT) the European Union (EU). The importance of this event cannot be overstated, since it will impact the future of the UK – and very likely that of Europe – for decades to come.
When it comes to tracking the nuances at the all important margin of the gold market, few are as observant as ADMISI's Paul Mylchreest, whose December 2014 analysis showed the stunning role gold holds in the new normal as a funding "currency" for BOJ interventions in the form of a long Nikkei/short gold (and vice versa) pair trade, indicating that central banks directly intervene in gold pricing (by selling, of course) when seeking to push paper asset prices higher.
Last Friday, the US Labor Department released the job numbers, and – big shocker – the American economy added fewer jobs than what everybody was expecting. Whereas most economists were expecting the country’s labor market to create 205,000 new jobs (which would have been a welcome boost), April’s job numbers saw an increase of just 160,000 jobs, or approximately 20% lower compared to the estimates.
Last week, American Airlines flight 3950 sat on the tarmac in Philadelphia waiting to take off for a quick flight to Syracuse. Seated together were two people who didn't know each other; a 40 year-old man with dark, curly hair and foreign accent, and a blonde haired thirty-something woman.
Overnight China reported April exports and imports, both of which dropped after a strong pick up in March, and missed consensus expectations, confirming "weak demand at home and abroad and cooling hopes of a recovery in the world's second-largest economy."